How to buy GYEN (GYEN) in Australia
Learn how to buy GYEN (GYEN) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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How to buy GYEN
1. Compare crypto exchanges
The easiest way to buy GYEN is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
2. Create an account
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
3. Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – bank transfer, cryptocurrency, credit or debit card and sepa payments are widely accepted.
4. Buy GYEN
You can now exchange your funds for GYEN. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking buy. If you like you can now withdraw your GYEN to your personal wallet.
Where to buy GYEN in Australia
Find an exchange to buy, sell and trade GYEN by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Steps on how to buy GYEN
Look for an exchange that supports both fiat and cryptocurrency to simplify buying GYEN.
- Compare cryptocurrency exchanges that support GYEN.
Cryptocurrency exchanges differ by fees, security and payment methods, so you'll need to research which is the right fit for you. As a beginner, you don't need a big range of features, and you can always change exchanges later.
- Create an account on an exchange.
You can sign up for an account by selecting the Go to site button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address..
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy GYEN.
- Buy GYEN.
Complete your GYEN purchase and then find the best wallet to store GYEN.
What to consider when buying GYEN
As with any investment, it is vital you understand the risks and potential upside of the asset before making any financial decision. With regards to GYEN, here are a few things to consider:
- GYEN use case: It is important to understand that GYEN is a Japanese Yen stablecoin. As such, the coin will track the value of JPY. Unlike other altcoins, GYEN should not be purchased with the long term vision of capital gains. Instead, the GYEN token should be used by those that wish to store funds within the digital equivalent of a traditional fiat currency.
- Audits: According to GMO Trust’s website, the company is audited on a regular basis. Audits ensure that the company holds the correct number of JPY funds within the trustee bank accounts. All users of GYEN are putting their faith in GMO Trust to ensure all stablecoins are backed by true reserves. If there are ever any discrepancies this may cause the peg of the GYEN to slip considerably.
- First mover advantage: GYEN was the first Japanese Yen stabelcon to be launched in the world. As a result, the stablecoin can enjoy first mover advantages. Although JPY is not as widely used as the US dollar, JPY is still a fiat currency used globally, which means that there will be demand for a digitized equivalent.
How to sell GYEN
You can cash out your GYEN with the same exchange you bought it through:
- Sign in to the exchange you have GYEN on.
If you store your GYEN in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of GYEN you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of GYEN.
Disclaimer: Cryptocurrencies, including GYEN, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of GYEN is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the GYEN or any other cryptocurrency discussed.
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